MKS Instruments, Inc. reports fourth quarter and full year 2014 financial results.
Fourth Quarter Financial Results
Sales were $203 million, an increase of 9% from $187 million in the third quarter of 2014, and similar to sales in the fourth quarter of 2013 which were $204 million.
Fourth quarter net income was $34.2 million, or $0.64 per diluted share, compared to net income of $29.1 million, or $0.55 per diluted share in the third quarter of 2014, and $20.2 million, or $0.38 per diluted share in the fourth quarter of 2013.
Non-GAAP net earnings, which exclude special charges and credits, were $29.1 million, or $0.54 per diluted share, compared to $22.8 million, or $0.43 per diluted share in the third quarter of 2014, and $22.3 million, or $0.42 per diluted share in the fourth quarter of 2013.
Full Year Results
Sales were $781 million, an increase of 17% from $669 million in 2013. Net income was $115.8 million, or $2.16 per diluted share, compared to $35.8 million, or $0.67 per diluted share in 2013. Non-GAAP net earnings were $101.2 million, or $1.89 per diluted share, compared to $48.4 million, or $0.90 per diluted share in 2013. Cash and investments at December 31st were $592 million, or approximately $11.14 per share. Total book value, net of goodwill and intangibles, was $843 million or approximately $15.86 per share.
Gerald Colella, Chief Executive Officer and President, said, "I'm very pleased with our strong financial and operational performance in 2014. Sales increased by 17%, non-GAAP net earnings more than doubled, and we made excellent progress toward our strategic goals. In addition, we deployed $143 million of capital during the year for the acquisition of Granville-Phillips, share repurchases and cash dividends. Business levels in our core market continue to be very healthy entering 2015 and we remain focused on our strategic initiatives and increasing long-term shareholder value.
"Based on current business levels, we expect that sales in the first quarter of 2015 may range from $195 to $215 million, and at these volumes, our non-GAAP net earnings could range from $0.45 to $0.60 per share and GAAP net income could range from $0.43 to $0.57 per share."